Home Insolvency & Bankruptcy Goli Vada Pav to face insolvency proceedings

Goli Vada Pav to face insolvency proceedings

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Goli Vada Pav to face insolvency proceedings

Goli Vada Pav, the Mumbai-based quick meals chain, will bear company insolvency decision course of after the NCLT admitted an insolvency petition towards it by Vista Processed Meals Pvt. Ltd., a provider of meals components.

Vista claims that Goli Vada Pav owes it a complete of Rs. 3.56 crore for items and providers equipped over the previous few years. The corporate has additionally offered signed steadiness confirmations to Vista admitting the debt.

Goli Vada Pav has denied the allegations, saying that the debt is barred by limitation. The corporate has additionally challenged the authenticity of the steadiness confirmations. Nevertheless, the NCLT in its order noticed that the insolvency utility has been filed inside the limitation.

The Nationwide Firm Regulation Tribunal (NCLT) has appointed Vinod Radhakrishnan Nair because the Insolvency Decision Skilled (IRP) for the case. The IRP will now oversee the insolvency proceedings and attempt to discover a answer that’s acceptable to each events.

If the insolvency proceedings are profitable, Goli Vada Pav might be taken over by a brand new administration or restructured. The corporate is also liquidated if no viable answer will be discovered.

The insolvency proceedings are a serious setback for Goli Vada Pav, which is likely one of the hottest quick meals chains in India. The corporate has over 300 shops throughout the nation and employs 1000’s of individuals.

The insolvency proceedings may have a major influence on Goli Vada Pav’s operations and will result in job losses. The corporate might want to take pressing steps to handle the debt situation and keep away from liquidation.

About Goli Pada Pav

Goli Vada Pav is a well-liked Indian quick meals chain based mostly in Mumbai, Maharashtra. It was based in 2004 by Venkatesh Iyer, who began the enterprise with a single outlet in Kalyan, a suburb of Mumbai. The corporate has since expanded to over 300 shops throughout India, with a presence in over 100 cities.

It’s identified for its signature vada pav, a fried lentil patty served in a bun with quite a lot of chutneys. The corporate additionally presents a spread of different quick meals objects, together with wraps, rolls, and desserts.

The quick meals chain has been praised for its reasonably priced costs and handy places. The corporate has additionally been acknowledged for its dedication to high quality and hygiene.

Additionally Learn: Gujarat Excessive Courtroom stays insolvency proceedings towards Rasna

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